Fugitive celebrity jeweller Nirav Modi arrested in London over $2.8 billion fraud

Fugitive celebrity jeweller Nirav Modi arrested in London over $2.8 billion fraud

Arguing against the extradition of Nirav Modi - the billionaire diamantaire who was arrested in London on Wednesday - his legal team pointed to a number of factors to highlight Modi's commitment to the UK.

Nirav's defence team, which includes Anand Doobay - also the representative in Mallya's extradition case - argued that their client arrived in the United Kingdom in January 2018 before any allegations had emerged in India.

Modi's lawyers claimed the arrest was unnecessary and premature since their client was allegedly planning to surrender to police sometime next week.

He was produced before the Westminster Magistrates' Court, where he contested his extradition to India.

Modi will next appear at Westminster Magistrates Court on March 29 for a case management hearing.

Nirav Modi, 48, the founder of Firestar Diamond and one of India's most wanted men, was held in Holborn, central London, on Tuesday afternoon after he went into a bank to open an account and a member of staff contacted the police.

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However, the Crown Prosecution Service - making representations on behalf of India as it did with the Vijay Mallya extradition - objected to the request for bail, pointing to "substantial grounds" to believe that he would fail to surrender.

Billionaire diamond tycoon Nirav Modi fled India previous year after becoming a suspect in the biggest banking fraud in the country's history.

Mr Modi is accused of a scam that led to India's second largest bank, Punjab National Bank, being defrauded of $2 billion. Furthermore, a non-bailabl warrant has been issued by PMLA court against Ami Modi, wife of Nirav Modi.

Modi left India in January past year, since when his precise location has been the subject of much speculation.

National Conference leader Omar Abdullah also criticised the BJP for taking the credit for Modi's arrest.

With millions of people joining the #MainBhiChowkidaar group on Twitter, the BJP made a decision to go full-throttle in pushing the campaign and blunting Rahul Gandhi's repeated charges of the Modi government apparently supporting both the corrupt and corruption. Nirav Modi's counsel George Hepburne said that the case has a political motivation and conditions of Indian jails are not good.

Modi was believed to be living in a property worth £8 million apartments in the tower, the rent for a similar apartment in the tower comes to approximately £17,000 a month, stated the Daily Telegraph.

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